Funding arb · Price arb /

TAO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0462%/8h= +50.5% APRpaid last 24h −0.091%

Price spread now: Orderly against Kraken Futures+0.059%55s7-day average −0.041% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.331%−$33 on $10k

Price spread, last 4 days (all we have)−0.104%−$10 · spread now +0.059%, 7d avg −0.041%

Together, before fees−0.434%−$43 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Orderly is 0.101% dearer against Kraken Futures than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.041%. Mind the row above: over the last 7 days funding on this pair cost −0.331%, so the current rate has only just turned in your favour. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_TAOUSD	312.30	−0.0348	get 0.0043% / 1h	14m 24s	$5.5M	$20.7M	50x
Short	Orderly PERP_TAO_USDC	312.49	0.0114	get 0.0057% / 4h	3h 14m	$52K	$290K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee Kraken FuturesbpFee OrderlybpOrdersPrice spread, now +0.059%Rate

Funding earned: $96.93
Price spread: +0.059% → −0.041%: $10.05
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $90.99
Costs to cover: 0.160%
Break-even: 0.4 days

Slippage unknown: Kraken Futures: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Kraken Futures live order book, 5 min ago	5.28 bp	11.2 bp −$11	22.2 bp −$222	98.1 bp −$9,805	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

TAO on 43 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_TAOUSDlong	−0.0348%	1h	312.30	long leg	$5.5M	$20.7M	50x
gTrade (Gains Network) TAO/USD	L +0.0004% / S −0.0004%	1h	312.15	−0.050%	$20K	—	150x	as long as short
dYdX TAO-USD	+0.0011%	1h	312.24	−0.021%	$125K	$85K	5x	as long as short
Popdex TAOUSDT	+0.0096%	1h	312.57	+0.085%	$46K	$656K	20x	as long as short
Katana Perps TAO-USD	+0.0099%	8h	312.50	+0.062%	$2K	$848K	5x	as long as short
Pacifica TAO	+0.0100%	1h	312.66	+0.115%	$356K	$416K	10x	as long as short
Binance TAOUSDT	+0.0100%	4h	312.51	+0.066%	$89.4M	$501.6M	75x	as long as short
OKX TAO-USDT-SWAP	+0.0100%	8h	312.40	+0.030%	$26.1M	$120.9M	50x	as long as short
Gate TAO_USDT	+0.0100%	4h	312.30	−0.002%	$13.3M	$50.4M	50x	as long as short
MEXC TAO_USDT	+0.0100%	4h	312.50	+0.062%	$103.0M	$145.6M	300x	as long as short

Show all 43 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin TAOUSDTM	+0.0100%	4h	312.38	+0.024%	$17.8M	$31.3M	75x	as long as short
Bitget TAOUSDT	+0.0100%	4h	312.19	−0.037%	$35.0M	$56.5M	50x	as long as short
edgeX TAOUSDC	+0.0100%	4h	313.34	+0.332%	$42K	$314K	10x	as long as short
ApeX Omni TAOUSDT	+0.0100%	1h	313.61	+0.418%	$46K	$254K	50x	as long as short
Polymarket Perps TAO-USD	+0.0100%	1h	312.42	+0.037%	$82K	$905K	5x	as long as short
Bullet TAO-USD	+0.0100%	1h	312.51	+0.065%	$12K	$17K	20x	as long as short
SunX TAO-USDT	+0.0100%	4h	312.63	+0.104%	$2K	$1.9M	20x	as long as short
HTX TAO-USDT	+0.0100%	4h	312.54	+0.075%	$111K	$542K	20x	as long as short
Phemex TAOUSDT	+0.0100%	4h	312.50	+0.062%	$3.1M	$8.0M	50x	as long as short
BingX TAO-USDT	+0.0104%	4h	312.47	+0.053%	—	$33.7M	—	as long as short
Aevo TAO-PERP	+0.0104%	1h	312.65	+0.110%	$172K	$998	3x	as long as short
Aster TAOUSDT	+0.0114%	4h	312.59	+0.091%	$1.3M	$10.5M	50x	as long as short
Orderly PERP_TAO_USDCshort	+0.0114%	4h	312.49	+0.059%	$52K	$290K	10x
GRVT TAO_USDT_Perp	+0.0124%	4h	312.88	+0.183%	$531K	$956K	10x	as long as short
GMX TAO/USD [WBTC.b-USDC]	L +0.0136% / S +0.0132%	1h	312.12	−0.060%	$421K	—	100x	as long as short
Paradex TAO-USD-PERP	+0.0162%	8h	312.51	+0.066%	$14K	$1K	10x	as long as short
Bybit TAOUSDT	+0.0179%	4h	312.54	+0.075%	$67.4M	$150.6M	50x	as long as short
Arcus TAO-USD	+0.0231%	1h	312.89	+0.187%	$101K	$394K	5x	as long as short
Extended TAO-USD	+0.0320%	1h	312.50	+0.063%	$914K	$2.4M	25x	as long as short
Variational Omni TAO	+0.0323%	4h	312.65	+0.111%	$5.5M	$10.1M	—	as long as short
Nado TAO-PERP	+0.0332%	1h	312.64	+0.106%	$789K	$2.2M	10x	as long as short
BloFin TAO-USDT	+0.0340%	4h	312.54	+0.075%	$4.5M	$10.8M	100x	as long as short
Phoenix TAO	+0.0457%	1h	313.70	+0.447%	$312K	$711K	5x	as long as short
Hyperliquid TAO	+0.0476%	1h	312.72	+0.133%	$91.9M	$107.8M	5x	as long as short
01 Exchange TAOUSD	+0.0488%	1h	312.80	+0.158%	$3K	$4K	5x	as long as short
Backpack TAO_USDC_PERP	+0.0504%	1h	312.60	+0.094%	$311K	$885K	10x	as long as short
Deribit TAO_USDC-PERPETUAL	+0.0530%	1h	312.58	+0.087%	$13K	$1.8M	25x	as long as short
Lighter TAO	+0.0632%	1h	312.85	+0.174%	$1.5M	$6.5M	5x	as long as short
Reya TAORUSDPERP	+0.0697%	1h	312.55	+0.077%	$359	—	20x	as long as short
RISEx TAO/USDC	+0.0816%	1h	312.64	+0.107%	$443K	$647K	5x	as long as short
Bulk TAO-USD	+0.0817%	1h	310.92	−0.443%	$165K	$333	10x	as long as short
Coinbase International TAO-PERP-INTX	+0.0952%	1h	312.90	+0.191%	$1.5M	$6.7M	50x	as long as short
Injective TAO/USDC PERP	+0.4092%	1h	316.67	+1.398%	$23K	$2K	12x	as long as short